Greece, Russia Sign Pipeline Deal

Greece and Russia have signed a memorandum on extending the planned Turkish Stream gas pipeline to Europe through Greek territory.

Russian Energy Minister Aleksandr Novak and his Greek counterpart Panagiotis Lafazanis signed the document on the sidelines of an economic forum in Russia's second city of St. Petersburg on June 19.

Lafazanis said Greece needed support and not pressure during its debt crisis and that cooperation with Russia was not aimed against other countries or Europe.

Novak said ownership would be split equally between Russia and Greece and that financing could come from state development bank Vnesheconombank (VEB) or other Russian banks.

Russian state-owned gas producer Gazprom plans to build a pipeline to Turkey to provide gas to Europe without going through Ukraine although it has no firm agreement with Ankara and faces opposition from the European Union.